Foreign Asset Reporting – Prepare your 720 Form on year 2017

720 – The report of assets abroad for 2017 has commenced and will finish on the 29th March 2018.

If you became resident tax in 2017, then you need to submit an asset declaration and declare all assets owned outside Spain if the total value of the assets within any of the 3 groups described further on amounts to more than 50.000 Euros.

This also applies to existing resident´s tax prior to 2017, who in previous years did not have to submit the Asset declaration but have now acquired assets worth more than 50.000 Euros during the year 2017 in any of the 3 groups.

A new report will have to be submitted again if:

1- There are new assets or rights (properties, bank accounts, shares, life insurances etc.)

2- The values of assets or rights already reported in between 2012 and 2016 have increased over 20.000 euros per category of assets (exchange rate fluctuation is taken into account when considering the increment of 20.000 euros)

Please Note: exchange rate is as of the 31st December 2017 utilising the Bank

3- In certain cases in which ownership in those assets or rights is relinquished.

If you find yourself in one of these situations, the new report will need to be submitted before March, so if you think you will need to report your assets again, please contact us before March 12th. Please collect all the information of your assets abroad held until the 31st December 2017.

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